Spring isn’t just the perfect time to clear out your clutter, clean up your home and do all of those jobs you have been putting off until the weather improves, it’s also a great time to look at your finances and ensure that you aren’t paying more than you should be and that the products you have chosen are still relevant to your circumstances. We share our top tips for a financial spring makeover that will save you money and ensure that you have the best products to suit your needs.
Mortgage Rates
If you have a mortgage rate that is coming to the end of a fixed term and are looking at your options, why not take the opportunity to see if you could save some money moving lenders or negotiating a new fixed term with your bank. After 11 interest rate rises from he Bank of England, you could be forgiven for worrying that this trend may continue, but it has to stop at some time and experts indicate that interest rates may well start to return to pre-covid levels.
Of course, this is all dependent on getting inflation under control but if you are worried about fixing now, with rates at between 4-6%, you may well be tempted to switch to an SVR to benefit from a reduction, or at least fixing for a shorter term to benefit once rates do start to decrease again.
You may just want the peace of mind of knowing exactly what your mortgage payments are going to be for the next few years while the cost of living is uncertain.
Protection Insurance
There are many different types of protection insurance which include:
- Life insurance
- Critical illness
- Mortgage protection
These insurances are designed to give you an income should you fall ill, or are unable to work for any reason. Some policies might encompass one or more of these aspects while others are individually tailored for a specific purpose. You might think that you don’t need the products or you may have products that are so old now that they are no longer fit for purpose. Re-evaluating your protection insurance is a good idea to ensure that it will meet your needs, should anything unforeseeable happen.
Buildings and Contents Cover
Insurances are always worth reviewing periodically to ensure that they offer adequate cover. The contents of your house may be far more than when you initially took out the cover meaning that they would no longer offer enough cover if required.
You might be able to get a better deal for the same cover and pay less than you have been paying previously.
Utilities
Now that the government payments have come to an end, many households will find themselves £67 a month worse off. This could be a good time to have a look at the various energy companies and find out if you are paying the best prices. Are you even on the correct tariff? All too often, we assume that if it isn’t broken why fix it but, sometimes taking a few minutes to shop around can save you a few pounds a month. This also goes for your other bills – broadband, TV, phone etc.
In fact, if you sat down and went through all of the following for a thorough financial spring makeover, you could make a saving of a few pounds on just two or three of these, resulting in a significant saving each month:
- Mortgage
- Life insurance
- Protection insurance
- Car insurance
- Home and contents insurance
- Pet insurance
- Electricity and Gas
- Broadband, TV
- Mobile phone
Using price comparison websites is a good place to start with things such as car insurance and pet insurance but if you would like to discuss the more significant financial products then we would be only too happy to help. Get in touch today to discuss on 01934 756717 and let’s see if we can save you some money.
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